Competitive analysis is a form of evaluation of your competition directly or indirectly with your business. The Good Advantage of Online competitive analysis is because you have access to your competitorâ€™s business information and their website online which might not be able to gain similar information offline. This gives us a better opportunity for marketers to analysis the competitive data for their advantage.
Some of the benefits of conducting a online competitive analysis is it help to identify with whom you are competing against in the market and also to find whatâ€™s your strengths and weakness. Through Competitive analysis you can identify your unique selling proposition which your competition is not offering.
Here are the 10 best ways to identify your competitive analysis:-
1. Using a variety of resources to find where your competitor is bidding on Pay Per Click. If you think your competition is bidding on certain search engines and not on all then they are getting a good ROI from that pay per click, may be because of low competition in that particular pay per click search engine.
2. Identify who is coming up in the natural search results, because for a site to come up under natural search results means they have a well optimized site. So you need to focus in the same area they are focusing on your website from the optimization point.
3. Identify whether your competition is utilizing partnerships, outsourcing, and relationship with other websites and is it beneficial for your business to have these kind of relationship with other websites.
4. Need to find your competition is a member of business and trade associations, and registries and join them if it benefits and if possible to get a referral link on their websites which helps in your link popularity and online visibility.
5. Identify how your competition is making money from the website and their revenue model. Also look for more potential area where your competition is not targeting tap those areas.
6. During the course of analysis Use Practical method by ordering online and make use of your competition services to find how good is their customer services, how is their online sales process and identify what they are doing right or wrong and take advantage of their mistakes.
7. If your competition is offering free mailing or newsletter subscription join them to identify their marketing strategies.
8. Using search engine analysis from where they are getting backlinks, any bookmarks in social media sites. After identify from where they are getting these links try to get link on those web pages.
9. Analyze your competitors PPC ads which will give you how to modify your PPC campaign ads.
10. Use different online tools like Alexa, Compete, Ranking tools to find what are their rankings and ratings are and do that on a regular basis to find who they are doing compared to your website.
An effective competitive analysis gives you a lot of information about your competition and will discover your business strengths and weakness and improve your rankings online.